15.

Suppose you borrowed $34,000 at a rate of 10.0% and must repay it in 5 equal installments at the end of each of the next 5 years. How much interest would you have to pay in the first year?

Select the correct answer.

a. $3,408.60

b. $3,412.90

c. $3,391.40

d. $3,404.30

e. $3,400.00